BNB Price Prediction: Binance Coin (BNB) Fails to Maintain Above $600 and Drops Below That Level

In the last 24 hours, the price of BNB failed to maintain above $600 and dropped below that level. However, buyers strongly defended further drop

In the last 24 hours, the price of BNB failed to maintain above $600 and dropped below that level. However, buyers strongly defended further drop and rebounded the price from the low of $600.

Additionally, BNB’s trading volume has decreased by 18.4%, bringing the amount to $1.45 billion.

The price of BNB is now facing pressure after struggling to sustain momentum above the critical $610 support level. Sellers have seized the opportunity by pushing the price further below $600.

However, buyers soon emerged and rebounded the price from the recent low. According to recent data from Coinglass, market volatility has led to approximately $1.94 million in liquidations over the past 24 hours.

Buyers (long positions) suffered significantly higher losses of about $1.88 million, while sellers (short positions) incurred losses around $58,600.

This bearish sentiment is reflected in declining trader enthusiasm. Open interest in BNB contracts—a key measure of active market participation—fell roughly 3.43%, dropping to approximately $799 million.

Moreover, the funding rate continues to hover within negative territory at -0.0199%, indicating increased caution and bearish sentiment among traders.

Adding to these negative signals, traders are increasingly turning bearish. The long-to-short ratio stands at 0.8, showing a slight bearish lean, with around 53% of traders anticipating a potential decline below $600.

However, if bulls regain confidence and buying pressure picks up, BNB could challenge the pivotal $610 resistance in the coming hours.

Binance Coin (BNB) has recently experienced significant selling pressure, causing it to drop sharply from around $640. Sellers briefly pushed the price below the crucial support level at $610, driving it under the $600 mark.

However, buying activity soon stepped in, bringing the price back above $600. At the time of writing, BNB is trading around $606, down roughly 3% in the past 24 hours.

Although bearish sentiment remains strong, certain technical indicators suggest the potential for recovery. The quick rebound above $600 demonstrates underlying buyer support.

However, the Relative Strength Index (RSI) remains in bearish territory at approximately 38, suggesting sellers currently have the upper hand.

If buyers can strengthen their position, BNB may reclaim the critical $610 resistance, opening the path toward the next significant resistance around $644.

On the other hand, if bearish momentum intensifies and keeps BNB below the EMA20 support level, the price could once again test the critical support at $600.

A clear breakdown below this point could trigger a more pronounced decline, potentially bringing BNB toward the next important support around $563 and erasing recent upward progress.